Re: The rise and fall of NFTs.

Quote from: dumpsterhawk on Today at 01:08:03 AM

Quote from: passwordnow on Today at 12:56:02 AM

So this thread popped again and one thing that I've seen a day ago was about the NFT called 'Beeple'. It was sold for $69M on 2021 and right now, you know how much it costs? $20k.

I guess that the other hyped NFTs from before that were bought expensively also dropped in prices. I think one of the investors and buyers of it is one of the Paul brothers.

A lot of projects are down 90% or more from their ATH, so it is not just an issue with NFT art as much as I don't like it. It is an overall trend of devaluation of different things, because everything back then was hyper inflated. The less useful things that hold less real value are going to experience higher reductions. Still, we are only judging this from the outside with limited information. Who is to say that somebody did not conduct some very successful money laundering, tax write off or something else entirely on this loss?

It is a downtrend for most of them and something that's down 90% from the peak that it has got, I don't think that it will ever recover anymore. Things got hyperinflated before due to the fact that many have been hyped by the NFT market. From the arts, to games and other collectibles. People have monetized everything at that point and that's why all of the people that have entered there empty handed got money when they exit. And those that don't have a clear plan of exit, they're now suffering in losses and you're right that it probably have been a way for money laundering.